House of Representatives

HB 2042

municipal bonds; electronic bidding

Sponsors: Representatives Hatch-Miller, Marsh, Cooley, et al.

DP	Committee on Counties & Municipalities
dp	Committee on Energy, Utilities & Technology
X	Caucus and COW
	As Passed the House

HB 2042 allows counties and municipalities to electronically process the offering and processing of municipal bonds.

History

County and municipal debt financing is specifically authorized through state law for specific purposes. Current law requires that bonds be sold through a competitive sale method and that all bids received must be sealed bids. HB 2042 would modify statues to allow for the electronic sale and bidding of municipal bonds.

Provisions

· Allows counties and municipalities to sell their bonds through an electronic bidding process.

· Permits bids for bonds that are sold through an electronic bidding process to be concealed until a specified time or be disclosed in an auction format.

· Allows bids for bonds that are sold through an electronic bidding process to be subject to improvement in favor of a municipality by a specified time and states that bids may be for an entire issue of bonds subject to provisions set by the governing body.

· Contains other technical and conforming changes.

HB 2042 passed the Counties & Municipalities Committee unamended.

HB 2042 passed the Energy, Utilities & Technology Committee unamended.

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45th Legislature

First Regular Session 2 January 26, 2001

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